Freddy David, the disgraced investor wealth manager sentenced to six years in prison for his part in running a £14.5m Ponzi scheme, has been banned from regulated activity for life.
City regulator the Financial Conduct Authority (FCA) has outlawed David from the industry by issuing a lifelong prohibition order.
"The authority considers that his convictions demonstrate a clear and serious lack of honesty and integrity such that he is not fit and proper to perform regulated activities," said an FCA spokesman.
The authority considers that his convictions demonstrate a clear and serious lack of honesty and integrity such that he is not fit and proper to perform regulated activities"
"In reaching this conclusion, the authority has had regard to all relevant circumstances, including the relevance and materiality of the offences and the severity of the risk posed by David to consumers and financial institutions and to confidence in the market generally."
In July 2018 Freddy David, of Hartfield Avenue, Elstree, Borehamwood, pleaded guilty to obtaining a money transfer by deception and fraud by abuse of positionat Southwark Crown Court. David was also disqualified from being a director of a company for 10 years.
He was sentenced to four years' imprisonment and six years' imprisonment respectively in relation to the above counts, the sentences to be served concurrently.
David used the majority of the £14.5m invested by victims to fund his gambling habit, with lesser amounts used for school fees, mortgage payments and holidays.
The victims invested between between £20,000 and £750,000 in the scheme. The fraud ran "in parallel with legitimate HBFS business", police said at the time of his conviction.